You can apply online or call us on 13 15 60.

You'll need to supply your personal details, including your driver licence number, employment details, assets, liabilities, income and expenses. We will verify this information after we've reviewed your application.

Here's what makes you eligible for a car loan:

• Up to two applicants both aged 18 years or over
• All applicants are present to complete the application
• Australia/New Zealand citizens or permanent residents living in Australia
• Employed on a regular basis in Australia
• Your credit history is good.

If you don't fit the eligibility criteria above, call our team on 13 15 60 for further assistance on progressing your application.

For more information, read the Target Market Determination for RACV Secured Personal Loan (197.5KB).

You'll be able to borrow a minimum of $5,000.

Factors like employment history, credit score, expenses and liabilities may determine the borrowing amount for a loan.

Fixed rate is an interest rate that remains the same for the entire duration of your loan.

A comparison rate combines the interest rate and certain fees or charges relating to a loan. The aim of the comparison rate is to help you find the true cost of a loan.

By direct debit or BPAY. Loan repayments will automatically be taken from your chosen bank account every week, fortnight or month depending on your preference.

We understand anyone can experience financial difficulty. Different life events like illness, losing a job, relationship breakdown or emergency events like natural disasters can cause you to experience financial hardship. If you're unable to make repayments, learn more about financial hardship and how RACV can help.

Basically, a balloon payment is an agreed lump sum you'll pay at the end of your car loan's term. This larger payment at the end of your vehicle's financing term will reduce your monthly repayments in the meantime.

Keep in mind, a balloon payment includes the lump sum plus interest.

Once you've found a vehicle and are ready to purchase through private sale, we'll help verify the asset and get the process moving.

Here's what will happen:

1. You'll sign a private sale agreement with the vendor to accept the sale
2. We'll send the vendor a link to an asset verification portal
3. The vendor will upload required documents, including photographs of the vehicle, proof of ownership, roadworthy certificates and a bank statement for payment.

Our process means you'll have peace of mind with the accuracy and security of the private car deal, and can drive away in your new car sooner.

Here are some things to keep in mind:

Dealers and brokers

While it might look like they're giving you a lower rate, they often charge additional fees. These fees make your monthly repayments higher.

Manufacturer 0% and 2% finance

Low interest rates sound great but there's usually a catch. The lower the rate, the less you may be able to negotiate on the vehicle purchase price. Always negotiate on price first before advising how you will pay for your car. Remember, if it sounds too good to be true, it probably is.

Adding to your home loan

While the interest rate on your home loan might be lower, you're paying it back over a much longer period. This can increase the total interest on your loan by thousands.

Balloon or residual payments

These reduce your monthly repayments but you will still owe a lump sum with interest at the end of your loan.